Following the stock market crash in 1929, more than 9,000 banks in the United States failed over the next four years. In just the one year of 1933, more than 4,000 banks closed their doors permanently as a result of insolvency… Read More Wall Street’s Casino Banks Party Like It’s 1929
Bloomberg News attempts to capture the “speculative frenzy” of today’s markets; here’s the key stuff it missed.… Read More Welcome to a Rerun of the Roaring ’20s
The pace of monetary destruction is making a new leap. In the last two weeks of November, M1 money supply jumped by over 14% — an annualised rate of 367%… Read More The Next Dollar Problem Has Just Arrived
The central bank is in effect holding the fort through the worst of the crisis and shielding vulnerable states from markets until late 2021… Read More The ECB Adds Another Half Trillion in QE, Even As Italy Eyes Debt Cancellation on the Last Batch
At 59, Chris pleaded for a renegotiation. “My life expectancy is 15 more years. At this rate, you’re not going to get very much…’ Their response was, ‘So?'”… Read More Student Loan Horror Stories: Borrowed: $79,000. Paid: $190,000. Now Owes? $236,000
“When the Fed has to step in to support the market for Treasury bonds, I view it as the financial equivalent of our military going to DEFCON 2,” said one congressman.… Read More The Fed Says It’s Considering a Central Clearing Facility for the Treasury Market
“The American Dream has run out of gas. The car has stopped. It no longer supplies the world with its images, its dreams, its fantasies… It supplies the world with its nightmares now.”… Read More American Requiem
There is a clear danger that the eurozone could relapse into a double-dip recession before it has regained more than half of the output lost during the first wave of the pandemic… Read More ECB Fears Covid Could Trigger a Financial Crisis
“There is zero chance that the megabanks in the U.S. are properly reserved for what comes next.”… Read More Loan Loss Reserves at U.S. Mega Banks Are Far from Safe Levels
If things don’t change significantly in the next two and a half months, the US will be facing its “largest annual net outflows ever, significantly outdistancing last year’s net negative result (-$294.0 billion).”… Read More Stock Mutual Funds Have Had Net Outflows for 25 Weeks, Bringing Total to $388.7 Billion — a Record
In an ominous sign, margin requirements are also rising… Read More Despite Pandemic and Worst Downturn Since 1930s, Investors’ Margin Debt Grew by 15% Since January
The number of children who do not have enough to eat has soared in the pandemic, according to the Census Bureau and Agriculture Department.… Read More Hunger in America, Especially Among Children, “Has Skyrocketed” During Covid-19
